Iraqi Kurdistan Sells First Crude via Turkey

By John Lee.

The first cargo of Iraqi Kurdistan’s crude oil has been sold on the international market, industry sources report.

World Bulletin says that the crude, pumped from Genel Energy‘s Taq Taq oilfield (pictured), was exported by truck to Turkey and sold via tender for loading in April.

One trader said the cargo sold was 30,000 tonnes, which at Friday’s market prices was worth around $22 million.

S.E.T. Select Energy GmbH, an energy firm based in Hamburg, Germany, won the tender issued by intermediary Powertrans, according to two industry sources.

The direct trade of crude and condensate by truck through Turkey has been rising steadily and now stands at close to 50,000 barrels per day (bpd). Exports of Taq Taq crude by truck are now more than 25,000 bpd, industry sources said.

Genel Energy expects to export oil by pipeline from its fields in Iraqi Kurdistan by 2014.

(Sources: World Bulletin, PressTV, Dow Jones)

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